Chart USD/JPY Update: Focus on the 151.00 Fibonacci retracement
Prices continue to track lower in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.00 | * | congestion mid-point | S1 | 151.00 | ** | 76.4% ret of Dec-Jan rally | |
| R3 | 154.00 | * | congestion lows | S2 | 150.00 | ** | congestion | |
| R2 | 153.00 | ** | congestion | S3 | 149.20 | ** | 50% ret of Sep-Jan rally | |
| R1 | 152.00 | * | break level | S4 | 148.64 | ** | 3 Dec (m) low |
Asterisk denotes strength of level
14:00 GMT - Prices continue to track lower in both USD- and JPY-driven trade, with focus back on support at the 151.00 Fibonacci retracement. Oversold intraday studies are edging higher, suggesting potential for further consolidation above here. But daily readings are turning down and broader weekly charts are under pressure, highlighting potential for a later break. A close beneath here will add weight to sentiment and extend January losses initially towards congestion around 150.00. Meanwhile, resistance is lowered to 152.00. An unexpected close above here will help to stabilise price action and prompt consolidation beneath congestion around 153.00.